MINUTES OF

THE INDIANAPOLIS LOCAL PUBLIC IMPROVEMENT BOND BANK

Minutes of the Special Meeting of the Board of Directors

January 30, 2008

MEMBERS PRESENT: Briane House

Sahara Williams

Fred Miller

Justin Christian

James Carr

BOND BANK PRESENT:

A Special Meeting of the Indianapolis Local Public Improvement Bond Bank (“Bond Bank”) convened at 11:00 a.m., Wednesday, January 30, 2008 in the City-County Building, 200 East Washington Street, Suite 224 Indianapolis, Indiana, pursuant to notice given in accordance with IC 5-14-1.5. Mr. House called the meeting to order after determining that a quorum was present.

The first order of business was the approval of the January 24, 2008 minutes.

Members of the board expressed a need to table the minutes for further discussion. Ms. Sahara Williams made the motion, seconded by Mr. Fred Miller. All voted in favor and the motion passed.

The next order of business was an update from Mr. Kevin Taylor, Bond Bank Director. Mr. Taylor gave brief details of items he was working to accomplish. The first was meeting with several candidates for some staff positions. He expressed the need to hire a Deputy Director who would also serve as General Counsel to the Bond Bank. He would also like to look at two more Project Manager’s and an Office Assistant/Administrative Assistant positions. Once the budget has been passed he would like to move forward with the discussions of the candidates.

The Bond Bank is working to build in terms of the work that is done and their focus, as well as, long-term planning. Mr. Taylor then stated that he wanted to build the Bond Bank activity that would represent AAA credit. Ms. Williams asked Mr. Taylor if he was looking to fill four positions. Mr. Taylor stated that he was and provisions have been made in the budget regarding the number of positions to be filled.

The next topic of discussion was the 2008 Bond Bank Budget. Mr. Taylor gave a brief summary pointing out that there were a few small changes to the budget that the Board received the week prior. One of the changes was related to the benefits provided to staff. Mr. Taylor brought before the Board a request for a budget of $2,721,901. There are currently some positions of the Mayor’s Office that are funded by the Bond Bank and those numbers were included in the budget amount. In the expenditure the Bond Bank is anticipating some requested assistance for Union Station operations and has budgeted that at $500,000 per year, which is close to the estimated actual for the 2007 annual budget. One of the Bond Bank’s objectives is to reduce the fees charged back to the Q.E.’s (Qualified Entities), which is the sole source of revenues for the Bond Bank. Mr. Taylor explained how the fees are levied. He feels that the fee structure is too high and one of his objectives is to reduce those fees. He then stated that he is proposing that the Board approve the 2008 operating budget for the Bond Bank in the amount of $2,721,901.

There would be an 8% salary increase for staff. Ms. Williams asked if the positions Mr. Taylor was looking to fill were a carry over from the previous administration. Mr. Taylor stated that it is a carryover, with the elimination of one position. He explained that the Mayor and the administration are working to move the funding of the positions out of the Bond Bank. The positions that the Bond Bank is currently funding for the Mayor’s Office is for Charter School, Enterprise Services positions and their assistants. He then explained how that came to be and noted that the positions were built in on the guidance of the Mayor’s staff.

Mr. House pointed out that most of the information regarding the funding of the Mayor’s staff positions is spelled out and referenced in the action items of the report in the transition team information the board received in their packets. Mr. Fred Miller expressed that he would like to see two of the items on the budget looked into further, one bring community support/sponsorship and the other Union Station operations. Ms. Sahara Williams asked Mr. Taylor if he would like to comment regarding the community support/sponsorship category. Mr. Taylor explained that during the course of 2007 the Bond Bank was asked and contributed a sum of $150,000 to Indianapolis Downtown Inc., (IDI). In the absence of other funding sources, the City has turned to the Bond Bank to provide supplemental revenues to the operations of these entities. He then stated that this is outside the scope of the Bond Bank statutes to be supporting these entities monetarily.

Mr. House asked for motion on the 2008 Bond Bank operating budget. Mr. Fred Miller moved that the 2008 Bond Bank proposed budget as presented to the Board, which includes among other items, provision for an eight percent (8%) increase in salary for Bond Bank staff, be approved with the exception of items for (1) community support/sponsorship, (2) Union Station operations, and (3) salaries for charter school director, director of enterprise services, and two other administrative positions, which items are tabled for further action pending legal and/or audit review. Mr. Justin Christian seconded the motion, all voted in favor and the motion passed.

The next order of business was the approval business was the approval of the proposed Board meeting dates for the 2008 calendar year. The Board normally meets the third Monday of each calendar month with the exception of holidays. Mr. House asked the Board if there were any conflicts with anyone regarding the regular meeting day. Everyone stated that Monday’s were fine.

Mr. House welcomed Mr. Jim Carr, the newest member to the board.

After determining that there was no other business to discuss, Mr. House asked for a motion to adjourn. Ms. Sahara Williams made the motion, seconded by Mr. Justin Christian. All voted in favor and the motion passed.

Mr. House adjourned the meeting at 11:31a.m.